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Council sets up regeneration partnership

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Tunbridge Wells Borough Council has set up a regeneration partnership with John Laing.

The Kent council will use the joint venture to regenerate its four main towns - Royal Tunbridge Wells, Cranbrook, Paddock Wood and Southborough.

It is modelled on a similar Local Authority Asset Backed Vehicle recently agreed between Croydon Borough Council and Laing.

The 50/50 partnership will see the council and John Laing working together to bring forward a variety of schemes by redeveloping or regenerating assets currently within the council’s portfolio.

Upon completion each development will either be sold, or retained within the partnership to provide an income strea. All profits will be shared 50/50 between the council and John Laing.

The partnership is one of the first to be established in the UK and will be called the Tunbridge Wells Regeneration Company Limited. It will last for (an initial) 10 years.

Under the partnership John Laing will also provide masterplanning services for the four towns.

Cllr Roy Bullock, leader of Tunbridge Wells, said: ”We are delighted that after a long formal process we are able to sign this forward-thinking agreement with the private sector and seal our partnership with John Laing.

"We are confident that this partnership will be of lasting benefit to the future of our borough.”

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